We're sellers for now | 16 November 2023
16 November 2023, USD/JPY
USDJPY was predominantly bullish for the better part of yesterday, November 15, 2023; however, we view this as a minor pullback. The price is currently in a bearish corrective phase, moving impulsively to the downside. The double top at 151.71 confirms a trend reversal, suggesting that the price is likely to drop. We anticipate the price to decline, reaching at least the support zone at 146.49, serving as our target for minor wave 'a.' You may consider placing a short position, with your profit target set at 146.49.
Trade Recommendations:
We're sellers for now
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
